Here's a CNBC article that's on their site right now, Halloween afternoon:
The Stock Market Lost More Than $2 Trillion In October. Here's What Happened.
That's written as $2,000,000,000,000.
When the stock market loses huge amounts of money like this, it doesn't mean that the money goes somewhere. The inflated value of lots of stocks just disappear. Things people thought were worth trillions of dollars a month ago are now worth $2 trillion less now. It's an amount of money virtually impossible for anyone to comprehend, so I use the Lamborghini analogy to give you some kind of framework to think about this. Here's a Lamborghini Gallardo:
This clip has an old, washed up comedian talking about the Gallardo, a guy who was homeless in his early days of stand-up, and actually lived in his car for a couple of years. Maybe you've heard of him. Anyhow, used Lamborghini Gallardos sell for $90,000 to $120,000. So it's safe to say you can get decent used one for an even $100,000.
So, the $2 trillion that just disappeared from the stock market in October (2018) could by a $100,000, used Lamborghini Gallardo for every single man, woman, and child in the state of New York, the city of Costa Mesa, California, and my childhood hometown of Willard, Ohio.
OR
That $2 trillion could buy a used Lamborghini Gallardo for every single man, woman, and child in the states of Wyoming, Vermont, Alaska, North Dakota, South Dakota, Delaware, Rhode Island, Montana, Maine, New Hampshire, Hawaii, Idaho, West Virginia, Nebraska, New Mexico, the District of Columbia, and almost everyone in Austin, Texas. In Austin, 16,000 kids wouldn't get one.
That's how much money just went POOF!, and disappeared from the value of the stock market in the last month alone. Yeah. Ouch. That's gonna leave a financial mark somewhere. We'll find out where before too long, I think.
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